The Hindu : Business : World Bank's praise for India's growth model

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Friday, Sep 22, 2006
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World Bank's praise for India's growth model

Special Correspondent

India and China will be influential in the decades to come

NEW DELHI: The Nobel Laureate and Chairman of the World Bank-supported Commission on Growth and Development, Michael Spence, on Thursday had words of admiration for India's growth in gross domestic product (GDP).

At an interactive breakfast meeting with select newspersons here, Dr. Spence, while referring to India's growth rate and strategy, said: "My view on India is that it is increasingly successful. And, the growth rate will increase further... I admire the way politicians navigate through hurdles and challenges.''

India and China, he said, are going to be tremendously influential in the decades to come. "The challenge is how you maintain this growth rate,'' he said.

Dr. Spence, who is on a two-day visit here, is accompanied by the Vice-Chairman of the Growth Commission, Danny Leipziger, who is the Vice-President and Head of Network (Poverty Reduction and Economic Management).

Asked about the brief of the Commission, Dr. Spence said: "The `sense' of the Growth Commission is to give out a global growth model [not country-specific] which will also focus on the obligations of rich countries, as also the problems in trade at the WTO level.'' The independent high-level Commission on Growth and Development was set up by the World Bank, in conjunction with the Swedish, the Dutch and the U.K. Governments and the William and Flora Hewlett Foundation. Comprising leading practitioners from government, business and the policy-making arena, the Commission is to deepen the understanding of economic growth for development and poverty reduction over a two-year period.

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